Published on 11/24/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $14.5 million callable contingent coupon equity notes on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Nov. 24 – Citigroup Global Markets Holdings Inc. priced $14.5 million of callable contingent coupon equity-linked securities due Nov. 14, 2022 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 10.95% if each index closes at or above its coupon barrier level, 75% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly call valuation date.
If the notes are not redeemed early, the payout will be par plus the final coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above 75% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Global Markets Holdings Inc.
|
Guarantor: | Citigroup Inc.
|
Issue: | Callable contingent coupon equity-linked securities
|
Underlying indexes: | Russell 2000 index, Nasdaq-100 index, S&P 500 index
|
Amount: | $14.5 million
|
Maturity: | Nov. 14, 2022
|
Contingent coupon: | 10.95% per year, payable quarterly if each index closes at or above coupon barrier on the valuation date for that period
|
Price: | Par
|
Payout at maturity: | If all indexes finish at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
|
Call option: | In whole at par plus any coupon due on any quarterly call valuation date
|
Initial levels: | 16,359.38 for Nasdaq, 4,697.96 for S&P, 2,437.083 for Russell
|
Coupon barrier levels: | 12,269.535 for Nasdaq, 3,523.148 for S&P, 1,827.812 for Russell; 75% of initial levels
|
Barrier levels: | 12,269.535 for Nasdaq, 3,523.148 for S&P, 1,827.812 for Russell; 75% of initial levels
|
Pricing date: | Nov. 8
|
Settlement date: | Nov. 12
|
Underwriter: | Citigroup Global Markets Inc.
|
Fees: | 0.2%
|
Cusip: | 17329UCZ2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.